Published by MBA Skool Team, Last Updated: January 22, 2018
What is Customer Expectations?
Customer expectations refers to the perceived value or benefits that the customers seek when purchasing a good or availing a service. They are the result of the ‘learning’ process and can be formed very quickly because even first impressions matter a lot. Once established, these expectations can hold significant influence in decision-making processes and can be very hard to change.
For example, branded items are often associated with quality. Most customers expect that well-known brands are higher quality and thus evaluate their performance higher than that of an identical product from a little-known brand. This is one of the reasons new brands find it difficult to make it to the consideration set even when they have superior products than current brands. Consider a situation where an Indian consumer is offered two choices for a mobile phone- one from a well-known US brand and the other from a Chinese brand. Even if all specifications are same, it’s more likely that the consumer would opt for the former because he expects US brands to be more reliable.
Most successful companies seek to meet or rather exceed their customers’ expectations in every aspect right from product quality to service. Managing and fulfilling customer expectations are of paramount importance for the success of any brand/company. Customers often want more, better and faster! Expectations from high-performing products are always rising.
This article has been researched & authored by the Business Concepts Team. It has been reviewed & published by the MBA Skool Team. The content on MBA Skool has been created for educational & academic purpose only.
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